The Republic of Panama is an independent nation in Central America. The official language of Panama is Spanish, but throughout Panama, English is widely spoken. The native Indians who live in Panama also use the native Indian languages. The cosmopolitan capital of Panama is suitable called Panama City. It is the envy of other Central America countries, for its is a modern day city, with a skyline of glass skyscrapers. Panama City is the location for Panama’s booming financial center, and is the primary commercial area, as well as the most busy entertainment sector, with restaurants, bars, and entertainment.
Panama’s national currency is the Balboa. The Balboa is equivalent to the US dollar, which is the official commercial currency. Banking, tourism, agriculture and fishing are the sectors contributing to Panama flourishing economy. An estimated population of 3,243,000 people call Panama home. Thousands of expats capitalize on the Panama retirement program that offers countless benefits. There is a large residential community within Panama City.
Panama is one of Central America’s top tourist destinations. It is a country with perfect climate and a diverse array of attractions including miles of white sand beaches, rivers, mountain ranges, lush tropical rain forests. The wildlife, the flora, and the fauna is as diverse as the topography of Panama. Panama is known as a birdwatcher’s haven, with an estimated 1000 bird species.
In addition to the natural features and attractions of Panama, the culture, lifestyles and heritage of Panama has in itself created new forms of attractions. The Panama nightlife is notoriously lively, and trendsetting. In Panama City and the surrounding areas, there are nightclubs and discotheques, casinos, restaurants, infused with reggae, Caribbean or Latino beats. A notably low crime rate appeals to visitors.
Panama is a socially and politically stable country for over 25 years. and a major retirement destination. The Panama Pension Program attracts retirees from the United States, Canada and Europe. Ranked as the best pension programs Panama retirees benefit from tax exemptions, hotel, accommodation discounts, extremely affordable medical services and pharmaceutical products, discounts on utilities, entertainment and a host of other benefits,.
Panama’s cost of living is markedly low and combined with the perfect weather, affordable real estate, a vast country with much to do and a very lucrative pension program, the country retirement populations continues to grow and thrive. As such the auxiliary services such as banking, construction and are booming in Panama, with condos, villas and resort development.
Panama is officially an offshore jurisdiction, offering offshore products such as offshore companies, offshore banking and offshore foundations. Tax exemptions on income derived outside Panama is key feature of the offshore product in Panama. Foreigners living in Panama can incorporate a Panama company and as long as that offshore company does all of its business and earns all of its revenue outside Panama, no local taxes will be applied on any income.